Starbucks pierces current resistance - Analysis - 18-10-2018

Starbucks' stock kept rising in the intraday levels, managing to breach the resistance of 58.17, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (From 64.85 to 47.37), scoring a fresh profit of 2.23% in the last session, or 1.29 points, amid positive support from the 50-day SMA, with positive signals from the RSI. 

Therefore we expect more gains for the stock, as long as it settles above 58.17, targeting the next resistance of 60.72, which represents the ratio 76.4% of the same retracement levels. 

Expected trend for today: Bullish